Premises and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Premises and equipment, net include the following:


	December 31,				Estimated Useful Lives
(in thousands)	2021		2020		(in years)
Land	$	6,307	$	18,307	NA
Buildings and improvements	10,520		81,017		10–30
Furniture and equipment	25,825		25,204		3–10
Computer equipment and software	27,899		27,053		3
Leasehold improvements	21,740		21,708		5–10
Work in progress	4,718		2,733		NA
	$	97,009	$	176,022
Less: Accumulated depreciation and amortization	(59,149)		(66,032)
	$	37,860	$	109,990

In October 2021, the Company committed to a plan for the sale and leaseback of its headquarters building in Coral Gables, Florida. At the time, the Company estimated the fair value less the cost to sell the property exceeded the carrying value, and therefore no adjustment was needed. In December 2021, the Company sold its headquarters building for $135.0 million, with a carrying value of approximately $69.9 million at the time of sale, and realized a pretax gain of $62.4 million, net of transactions costs. Following the sale of the Headquarters Building, the Company leased-back the property for an eighteen-year term.

In 2020, the Company sold its operations center in the Beacon Industrial Park area of Doral, Florida (the “Beacon Operations Center”) with a carrying value of approximately $13.7 million and realized a loss of $1.7 million. Following the sale of the Beacon Operations Center, the Company leased-back the the property for a two-year term. In 2019, the Company sold vacant land adjacent to its Beacon Operations Center (the “vacant land”) with a carrying value of approximately $0.5 million, and realized a gain of approximately $2.8 million.

Depreciation and amortization expense was approximately $7.3 million, $9.4 million and $7.1 million in the years ended December 31, 2021, 2020 and 2019, respectively. In 2021, 2020 and 2019 fully-depreciated equipment with an original cost of approximately $1.3 million, $5.1 million and $6.9 million, respectively, were written-off and charged against their respective accumulated depreciation. Depreciation expenses in 2021include $0.4 million lower expenses in connection with the sale of the Company’s headquarters in 2021. Depreciation expense in 2021 and 2020 includes approximately $0.5 million and $1.3 million of accelerated depreciation of leasehold improvements resulting from branch closures. Depreciation expense in 2019 includes a reduction of approximately $0.7 million as a result of the correction of an error in the accounting for land in the Company’s Beacon Operations Center and the vacant land.